GBP/USD: Sell Stops Tripped, UK Clearer Sees Scope to 1.9600-25 London, May 1. Batches of tripped sell stops have helped depress cable to an intra-day low of 1.9765, as the pound gives up more of its gains of the past 24 hours. 1.9910 was today"s early Europe high.
A UK clearer sees scope for declines to 1.9600-25, as it thinks "GBP will face considerable headwinds in an environment of weakening UK growth and potentially more aggressive BoE rate cuts". Asian demand helped to base GBP/USD at two-week lows circa 1.9625 yesterday, following weak Nationwide UK house price data. 1.9600 was last month"s double-day low (Apr 15/16).
A UK clearer sees scope for declines to 1.9600-25, as it thinks "GBP will face considerable headwinds in an environment of weakening UK growth and potentially more aggressive BoE rate cuts". Asian demand helped to base GBP/USD at two-week lows circa 1.9625 yesterday, following weak Nationwide UK house price data. 1.9600 was last month"s double-day low (Apr 15/16).
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